Finanzen und Steuern im In- und Ausland

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Monograph

Identifikator:: 1823190766

URN:: urn:nbn:de:zbw-retromon-220010

Document type:: Monograph

Title:: Finanzen und Steuern im In- und Ausland

Place of publication:: Berlin

Publisher:: Hobbing

Year of publication:: 1930

Scope:: 896 S; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Erster Hauptteil. Deutsche Finanz- und Steuerstatistik

Collection:: Economics Books

290 INTERNATIONAL TRADE two occasions the same combination of crop accidents as in 1879-80. In 1890, and in 1896 once more, crops were abundant in the United States and deficient elsewhere. Exports of agricultural produce swelled. In the first episode (1890-91) the outflow of gold was checked; in the second (1895-97) a positive inflow took place. Between these fortunate years came the bitter period of depression, the desperate and finally successful endeavors by the United States Treasury to maintain gold payments, the deliberate importation of gold to that end. And when this struggle was over, came again a spectacular overturn — not only rapid revival in 1896-97, but a sudden great increase of exports during the last years of the decade, and with it a great inflow of gold. Thruout this decade, still another element affected the inter- national transactions — that of the flow of securities between the United States and Europe. During the first half, securities moved into the United States as European holders became fearful of the collapse of the gold standard. During the second half, confidence was re-established and heavy payments became due to the United States because of the spectacular increase of exports; and then securities were again sent to the country! During the earlier stage, the sales of securities in the United States promoted the large outflow of gold which marked the years 1891 and 1893; dur- ing the later, they prevented the inflow from being as large (large it remained) as would otherwise have been the case. These transactions in securities were as exceptional in character as were the other striking events of the decade. Under ordinary conditions some sort of regularity and predictability appears in this phase of international dealings. It is true that, commonly enough, securities move to and fro as a sort of balance-wheel, serv- ing for the time being (like the dealings in foreign exchange and the international short-time loans) to smooth seasonal payments and unexpected- remittances. They also show a long-time trend, ac- cording to the stage which has been reached in the position of a country as a borrower or lender. But of all these sorts of normality 1 On the movement of American securities back to the United States in those vears see S. v. Waltershausen, Die Handelsbilanz der ver. St. Amerika, p. 51.

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